The Northwood Inn, the company's fiscal year, September30,2008. Journalize the entries.
a. The long-term notes payable is payable in annualinstallments of $50,000, with the next installment due on Jan. 31,2009. On that date, Northwood will also pay 1 year's interest at6%. Interest was last paid on Jan.31. Make adjusting entry toshift the current installment of the note payable to a currentliability.
b. Gross salaries for the last payroll of the fiscal year were$4,300. Of this amount the employee payroll taxes payable were$950.
c. Employer payroll taxes payable were $890
d. On August 1, the company collected six months rent of $3900 in advance.